Nimini is 90% owned by the globally focused natural resources investment company Polo Resources Limited (AIM and BSX: POL). In March 2012, Plinian Guernsey Ltd acquired a 10% equity interest in Nimini. Plinian Capital Ltd is managing and directing all of Nimini's exploration, feasibility study, development and administrative activities.

Nimini-Komahun Project

  • 25-year Mining Licence awarded in November 2012
  • Environmental and Mining Licences renewed and in good standing
  • Independent potentially mineable Mineral Resource Estimate as at June 2013 ("June 2013 MRE"), based on a minimum true width of 1 metre and a 2.4 g/t gold cut-off grade:
    • Indicated Mineral Resources of 0.55 Moz [million ounces] (3.6 Mt (million tons) at 4.69 g/t gold), and
    • ┬áInferred Mineral Resources of 0.34 Moz (2.6 Mt at 4.08 g/t gold)
  • June 2013 MRE represented a 21% increase in Indicated Mineral Resources to 0.63 Moz gold (4.8 Mt at 4.06 g/t gold) at a 1.8 g/t cut-off grade and 60% increase in Inferred Mineral Resources to 0.42 Moz gold (3.8 Mt at 3.47 g/t gold) at a 1.8 g/t cut-off, compared to previous MRE (SGS Canada Inc., June 2012) ("June 2012 MRE")
  • June 2013 MRE has enabledthe Preliminary Economic Assessment (PEA) to be progressed. However, its completion is now dependent on the ratification of the Mine Development Agreement
  • Field programmes have identified targets both proximal to the Komahun deposit and within the greater Mining Licence area for future drilling to add to mineral resources
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The Ebola Virus Outbreak


The Mine Development Agreement was executed by the Minister of Mines and Mineral Resources in February 2014. Nimini was subsequently advised by the Minister that Government required certain of the terms to be re-negotiated ahead of ratification by parliament. The unfortunate outbreak of the Ebola virus disease has caused re-negotiation to be put on hold until the Government imposed State of Public Health Emergency has been lifted.

The Ebola outbreak has also resulted in Nimini suspending operations at the Project in the interests of protecting employees. A core team, with appropriate support, remains on site to ensure that assets are protected and maintained in readiness for a resumption of site activities. Whilst this situation has required financial austerity, the Company has ensured its key personnel and core technical skills are retained.

Nimini is acutely aware of the hardship which the Ebola outbreak is causing and has made a financial contribution to the Government’s Ebola fund and has directly assisted the local community in its fight against the spread of Ebola.

Reports

15 August 2013
31 May 2012

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